SMBC signs SBI pact to back India sunrise sector project finance

They aim to grow India’s “sunrise sectors”.

Sumitomo Mitsui Banking Corporation (SMBC) has signed a memorandum of understanding (MOU) with the State Bank of India (SBI) for collaboration on project financing.

The Japanese megabank aims to contribute towards the growth of the centre of excellence (COE) within SBI’s Project Finance department, according to a press release published on 2 February 2026.

SBI set up the COE in July 2025, focusing on the development of “sunrise sectors”: renewables, data centres, e-mobility, green hydrogen & ammonia, decarbonisation, semiconductors, advanced cell or battery chemistry, and smart infrastructure, amongst others.

These sectors are expected to push India’s manufacturing share in GDP to 25%.

SBI also set out plans to collaborate with academic institutions, think tanks, and banks, aiming to contribute to policy formulation and growth in the sectors.